Mr. Speaker, the hon. member for Trinity—Spadina is calling for the government to both renew long-term social housing agreements and provide new funding for housing, and I am pleased to explain our position on both of these matters.
The social housing agreements to which the hon. member referred were signed many years ago, in some cases close to 50 years ago. The end date has been known since those agreements were signed and typically coincides with the final payout of the mortgages on these properties. As I noted in the House some time ago, Canadians understand that when their mortgage expires they stop paying the bank.
That is essentially what is happening here. As the agreements end and as they mature, housing providers will find themselves with a valuable real estate asset and reduced operating expenses that can be used to continue to offer affordable housing to the clients. The fact is that most non-profit co-operative housing projects are expected to be financially viable when the agreements come to an end and the federal subsidies stop.
For those who may experience difficulty, CMHC has been actively working with them to help them prepare for the end of these operating agreements. For example, CMHC's affordable housing centre offers a range of tools to assist housing providers, such as a project viability calculator, capital planning tools, and project profiles. Our government has also created more flexibility in some housing programs administered by CMHC to give eligible housing providers better access to funding for capital repairs and renovations.
Hon. members will recall that in economic action plan 2009, we provided more than $1 billion to renovate and retrofit existing social housing so it could continue to be available for Canadian individuals and families in need. Close to 15,000 social housing projects were completed across Canada, everything from replacing roofs and windows to upgrading plumbing and electrical systems.
As for new funding for housing, I would remind the hon. member that economic action plan 2013 renewed the investment in affordable housing for five years, with an additional federal funding of $1.25 billion. This brings the total federal commitment under this initiative to close to $2 billion over the previous eight years.
This funding is delivered and cost-matched by the provinces and territories, which are best positioned to identify and address local housing needs. Depending on their priorities, provinces and territories can also opt to use the investment in affordable housing funds to support projects whose operating agreements have matured, or for other purposes such as new construction or renovation projects, shelter allowances, or assistance toward home ownership.
I am pleased to advise the hon. member that the renewal agreements have now been signed with almost all provinces and territories. The governments of Canada and Ontario, for example, signed a renewal agreement last August that provides for a joint investment of more than $800 million over five years.
The investment in affordable housing is doing exactly what the hon. member has asked for. It is reducing the number of Canadians in housing need. Looking specifically at Ontario, our government has invested some $5.7 billion in housing in that province since 2006. This includes more than $240 million under the investment in affordable housing—funding that means almost 18,000 households in that province are no longer in housing need.
However, there is more to be done. That is why we have renewed the investment in affordable housing and why, again this year, our government will continue to invest about $2 billion in housing across Canada.
Make no mistake: action is being taken. Working with the provinces and territories, we are ensuring that the housing needs of Canadians are being met.